Raising funds can be a daunting task for many entrepreneurs or even young aspiring professionals who need that pre-seed money to kick start their projects and ventures. As our resident columnist, Wilson Beh would discover from renowned NGO lead, Slava Robin of Indiegogo.com, it would take 4 Must-Have Points on your proposals which are explained clearly in order to attract investors to even consider parting way with their money to fund your ideas.
After the plenary session, I attended a skill workshop on “How to raise money for your project” by Slava Robin, the founder and CEO of Indiegogo.com, the largest global crowd funding platform. I was personally involved in a fundraising campaign to help a good friend of mine, hence I felt very much connected to the ideas and teachings he shared.
When you ask for money for your social projects or business startup, always remember to:-
1. Show the specific goals
Outline the specific goals and objectives you want to achieve with the fund. Let people know why it is so important for you to get the fund and what tangible impacts you will create. The best way is to have these goals align with what your potential backers are interested.
2. Present a clear timeline
Include a Gantt chart which illustrates the start and finish dates of different projects and events – for example: Start promoting in June, secure sponsorship in July, 500 participants registered in August, etc.
A clear timeline will build your credibility and increases investor’s faith in you.
3. Leverage resources and networks
Know who are the people out there who can help you. Create opportunity to give your pitch and be fearless to ask for support. If funders say “no” in terms of monetary support, open up other opportunities such as asking for advises and helpful network. Do not be afraid to ask for referral for people who they think can help in your cause.
Always keep a record of your network and stay in touch.
4. Be accountable and transparent
It is about how confident is the funder to you when it comes to money. Run your project in a credible and transparent way by updating responsible authorities regularly. Show how the money is being used for specific areas.
If you are raising fund for a public campaign – say, medical fund raising, do update your account book to public frequently
Don’t forget, be fearless to share your cause with other person. Practice and refine your elevator pitch and at the end of the day you might find it the most useful way to start conversation and build a strong network.
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